(4) IMF Appropriation

Partial text of Public Law 98-181 [Supplemental Appropriations Act, 1984; H.R. 3959], 97 Stat. 1153 at 1287, approved November 30, 1983

AN ACT Making supplemental appropriations for the fiscal year ending September 30, 1984, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, to provide supplemental appropriations for the fiscal year ending September 30, 1984, and for other purposes, namely:

TITLE XI-IMF APPROPRIATION

IMF APPROPRIATION

SEC. 1101. (a) Notwithstanding any other provision of this Act, there is appropriated for an increase in the United States quota in the International Monetary Fund, the dollar equivalent of 5,310,800,000 Special Drawing Rights, to remain available until expended.

(b) Notwithstanding any other provision of this Act, there is appropriated for an increase in loans to the International Monetary Fund under the General Arrangements to Borrow, the dollar equiv alent of 4,250,000,000 Special Drawing Rights less $2,000,000,000 previously appropriated by the Act of October 23, 1962 (Public Law 87-872, 76 Stat. 1163), pursuant to the authorization contained in section 17 of the Bretton Woods Agreement Act and merged with this appropriation, to remain available until expended.

CONDITION OF INTERNATIONAL FINANCIAL SYSTEM

SEC. 1102. (a) The Congress finds and declares that

(1) the international banking system is currently threatened by a series of national financial crises;

(2) the Congress is desirous of finding a solution to the current monetary crisis which will result in a stable monetary system and preservation of a liberal international economy;

(3) this solution must be found without placing inordinate pressures on United States credit markets;

(4) the breakdown in the Bretton Woods monetary system has contributed directly to these problems;

(5) the economic policies prescribed by the International Monetary Fund can be harmful to economic growth; and

(6) the International Monetary Fund currently holds approximately $40,000,000,000 of uncommitted assets in the form of gold bullion and has not utilized them fully to date.

(b) It is the sense of the Senate that—

(1) restoration of a stable monetary system is necessary to assure economic growth and to maintain a liberal international economic system;

(2) as a first step toward this restoration the Secretary of the Treasury should call for an international conference on the monetary system to investigate its systemic problems;

(3) in coping with the current financial crisis, the International Monetary Fund should make fuller use of its current assets, including its gold holdings;

(4) the International Monetary Fund should revise the conditions placed on its loans so as to encourage economic growth.

(5) Foreign Currency Reports

Partial text of Public Law 93-110 [H.R. 6912], 87 Stat. 352, approved September 21,

1973

AN ACT To amend the Par Value Modification Act, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

TITLE 31, U.S.C.1

§ 5315. Reports on foreign currency transactions

(a) Congress finds that—

(1) moving mobile capital can have a significant impact on the proper functioning of the international monetary system; (2) it is important to have the most feasible current and complete information on the kind and source of capital flows, including transactions by large United States businesses and their foreign affiliates; and

(3) additional authority should be provided to collect information on capital flows under section 5(b) of the Trading With the Enemy Act (50 App. U.S.C. 5(b)) and section 8 of the Bretton Woods Agreement Act (22 U.S.C. 286f).

(b) In this section, "United States person" and "foreign person controlled by a United States person" have the same meanings given those terms in section 7(f) (A) and (C), respectively, of the Securities and Exchange Act of 1934 (15 U.S.C. 78g(f)(2)(A), (C)).

(c) The Secretary of the Treasury shall prescribe regulations consistent with subsection (a) of this section requiring reports on foreign currency transactions conducted by a United States person or a foreign person controlled by a United States person. The regulations shall require that a report contain information and be submitted at the time and in the way, with reasonable exceptions and classifications, necessary to carry out this section.

§ 5320. Injunctions

When the Secretary of the Treasury believes a person has violated, is violating, or will violate this subchapter, or a regulation prescribed or order issued under this subchapter, the Secretary may

1 These provisions were originally enacted as title II of Public Law 93-110 and codified at 31 U.S.C. 1151. That text provided a congressional statement of findings, granting the Secretary of the Treasury the authority to prescribe regulations, and establishing enforcement provisions. Public Law 97-258 amended and recodified title 31, U.S.C. and incorporated an amended text of title II into the revised title 31. The amended version of title II is shown here as it appears in title 31, U.S.C.

bring a civil action in the appropriate district court of the United States or appropriate United States court of a territory or possession of the United States to enjoin the violation or to enforce compliance with the subchapter, regulation, or order. An injunction or temporary restraining order shall be issued without bond.

§ 5321. Civil penalties

(a)(1) A domestic financial institution, and a partner, director, officer, or employee of domestic financial institution, willfully violating this subchapter or a regulation prescribed under this subchapter (except section 5315 of this title or a regulation prescribed under section 5315) is liable to the United States Government for a civil penalty of not more than $1,000. For a violation of section 5318(2) of this title or a regulation prescribed under section 5318(2), a separate violation occurs for each day the violation continues and at each office, branch, or place of business at which a violation occurs or continues.

(2) The Secretary of the Treasury may impose an additional civil penalty on a person not filing a report, or filing a report containing a material omission or misstatement, under section 5316 of this title or a regulation prescribed under section 5216. A civil penalty under this paragraph may not be more than the amount of the monetary instrument for which the report was required. A civil penalty under this paragraph is reduced by an amount forfeited under section 5317(b) of this title.

(3) A person not filing a report under a regulation prescribed under section 5315 of this title or not complying with an injunction under section 5320 of this title enjoining a violation of, or enforcing compliance with, section 5315 or a regulation prescribed under section 5315, is liable to the Government for a civil penalty of not more than $10,000.

(b) The Secretary may bring a civil action to recover a civil penalty under subsection (a) (1) or (2) of this section that has not been paid.

(c) The Secretary may remit any part of a forfeiture under section 5317(b) of this title or civil penalty under subsection (a)(2) of this section.

(6) Par Value Modification Act, as amended

Public Law 92-268 [S. 3160], 86 Stat. 116, approved March 31, 1972; as amended by Public Law 93-110 [H.R. 6912], 87 Stat. 532, approved September 21, 1973; Public Law 94-564 [H.R. 13955], 90 Stat. 2660, approved October 19, 1976; and by Public Law 97-258 [H.R. 6128], 97 Stat. 877 at 992, approved September 13, 1982

AN ACT To provide for a modification in the par value of the dollar, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. This Act may be cited as the "Par Value Modification Act".

SEC. 2.1 *** [Repealed-1978]

SEC. 3.2 The Secretary of the Treasury shall maintain the value in terms of gold of the holdings of United States money of the International Bank for Reconstruction and Development, the InterAmerican Development Bank, the International Development Association, and the Asian Development Bank to the extent provided in the articles of agreement of those institutions. Amounts necessary to maintain the value may be appropriated. Amounts appropriated under this section remain available until expended. SEC. 4.3*** [Repealed-1982] SEC. 5.4 *

* *

[Repealed-1982]

1 Upon entry into force on Apr. 1, 1978, of the amendments to the Articles of Agreement of the IMF, sec. 2 was repealed, as provided for by sec. 6 of Public Law 94-564. Previously, sec. 2 read as follows:

"SEC. 2. The Secretary of the Treasury is hereby authorized and directed to take the steps necessary to establish a new par value of the dollar of $1 equals 0.828948 Special Drawing Right or, the equivalent in terms of gold, of forty-two and two-ninths dollars per fine troy ounce of gold. When established such par value shall be the legal standard for defining the relationship of the dollar to gold for the purpose of issuing gold certificates pursuant to section 14(c) of the Gold Reserve Act of 1934 (31 U.S.C. 405b)."

231 U.S.C. 5152. Public Law 97-258 recodified title 31, United States Code. Pursuant to that Act, sec. 3, which had originally been codified as 31 U.S.C. 449a, was amended and restated, and recodified as 31 U.S.C. 5152.

3 Public Law 97-258 amended and recodified title 31, U.S.C. and omitted sec. 4 as an obsolete provision from the revised text of title 31. Sec. 4, which had been codified as 31 U.S.C. 449b, previously read as follows:

"SEC. 4. The increase in the value of the gold held by the United States (including the gold held as security for gold certificates) resulting from the change in the par value of the dollar authorized by section 2 of this Act shall be covered into the Treasury as a miscellaneous re ceipt."

4 Public Law 97-258 amended and recodified title 31, U.S.C., and omitted sec. 5 as an executed provision from the revised text of title 31. Sec. 5, which had been added by sec. 2 of Public Law 93-110 (87 Stat. 352) and codified as 31 U.S.C. 449c, previously read as follows:

"SEC. 5. It is the sense of the Congress that the President shall take all appropriate action to expedite realization of the international monetary reform noted at the Smithsonian on December 18, 1971.".